Published February 16, 2015 at 8:27 PM Updated February 16, 2015 at 8:36 PM

Eurozone’s finance ministers has wrapped up one of their shortest meetings ever after issuing an ultimatum to Greece that it either accept an extension of it’s current bailout or have all funding cut. CCTV’s Jack Barton reported this story from Brussels.

Greece seeks to compromise with Eurozone over bailout

Eurozone's finance ministers has wrapped up one of their shortest meetings ever after issuing an ultimatum to Greece that it either accept an extension of it's current bailout or have all funding cut. CCTV's Jack Barton reported this story from Brussels.

Once again, last ditch talks to keep Greece solvent – and in the Eurozone – have broken down with Brussels insisting Athens must accept an extension of its current austerity-linked bailout.

“There is a very strong statement among the Eurogroup that the next step has to come from the Greek authorities. They have to make up their mind,” said Jeroen Dijsselbloem, president of the Eurogroup Finance Ministers said.

The ultimatum comes as time runs out.

Greece’s current bailout expires at the end of this month, and Athens wants a bridging program to be introduced until a compromise satisfactory to all parties can be reached.

A compromise is becoming increasingly elusive as Athens and Berlin harden their positions.

“It is not a question of negotiations, but a question of a decision in Greece — what they want, how Greece wants to go down a path to win back the trust of markets some day. I don’t see that at the moment but we’re open to the reports we’re getting,” Germany’s Finance Minister Wolfgang Schaeuble said.

Greece’s finance minister said he still believed an agreement would be reached that was “therapeutic for both Greece and Europe,” but not under the terms of the current program.

“A program – which in our estimation, and I believe in the estimation of most clear thinking people – has failed to stabilize Greece, has generated a major humanitarian crisis and has made reforming Greece, which is absolutely essential, ever so hard,” Yanis Varoufakis, Greece’s Finance Minister said.

Informal talks are now expected to continue throughout the week potentially resulting in yet another emergency finance ministers meeting next Friday.

Nicholas Economides of NYU discusses Greece debt talks

CCTV America’s Elaine Reyes interviewed Nicholas Economides, a professor of economics at New York University’s Leonard N. Stern School of Business about Greece’s current situation with the Eurozone and how Greece can cut it’s losses to manage their financial crisis.

Nicholas Economides of NYU discusses Greece debt talks

CCTV America's Elaine Reyes interviewed Nicholas Economides, a professor of economics at New York University's Leonard N. Stern School of Business about Greece's current situation with the Eurozone and how Greece can cut it's losses to manage their financial crisis.

Privacy Settings

This site uses functional cookies and external scripts to improve your experience. Which cookies and scripts are used and how they impact your visit is specified on the left. You may change your settings at any time. Your choices will not impact your visit.

NOTE: These settings will only apply to the browser and device you are currently using.